St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-01-01
THE STATE OF TRADE.
Showing for the Wear 1sS6..A Re.
view of the Week Ending Las


Showing for the Wear 1sS6..A Re.
view OF the Week Ending Inst
Night.
NEW YORK, Dec. 31.-R G. Dun's
weekly review Of trade says: Rarely has
year opened with more DISAGREEMENT
than the year 1885, Rarely has a year
closed with more confidence. The disheart-
eminent was not wholly justified and there
may be some reason to fear that the conf
dence may be partly unwarranted. The
failures for the veal have been fewer than
i'll 1885. and the aggregate of liabilities has
been smaller, but the average for the year
have been scarcely lower, and for the last
quarter the failures have been more numer-
Gus and larger than for the same quarter
OF 1850 The increase, III amount of liabil-
tiles for that period, were no less
than 40 per cent. During the
past month the failures have
been unusual in amount of liabilities.
Without known disturbance or depression
i'll important branches of trade to cause
them, they come like bolts out of a blue
sky" and seem to indicate an unexpected
expansion of credits. When it is remem-
bered that familiar causes OF such eXpan-
sion have existed; that the currency has
been largely increased, and that wild specu-
latIon ran riot year ago in the stock and
produce markets. these failures, with their
rising volume of Indebtedness, Justify a
fear that confidence has grown too fast
The natural inference is that some firms,
anxious to recover in few months the
losses OF several weary years, have gone
beyond their depth. How much Of I'M
soundneSs in commercial credit has thus
hnar pro6uoa1 &c Of -at, 70
During the past week legitimate business
has not been large in volume. The dullness
usual in the closing week OF the year is re-
ported from all quarters. But though deal
erS are busy in making up accounts, there
is everywhere feeling Of great confidence
Trade during the past half year has been
very large. and generally remunerative
The prevailing tendency is 10 count upon
continued enlargement for the next season,
and it would be wise not to forget that it is
possible to build too largely on the future,
even in time of real and healthy improve
ment. Prices have advanced during the
week in nearly all speculative markets. A
flood of money from abroad stimulates trad
ing here, while Stringency is noted at Bos-
ton, and Chicago banks, anxious to keep
Western money out Of this city. are talking
of paying interest on deposits. Stocks are
stronger in spite of a rise in the rate of eX-
change, which indicates that foreigners are
selling to some extent. Wheat has
been active, war rumOrS ruling, and has
advanced p cents. with sales of 1.OOO.-
600 bushels in five days. Corn advanced
cent and pork products are active, dressed
hogs rising half a cent and lard quarter
Cotton has stitfened on smaller receipts for
the week and widely irregular estimates.
Copper is weaker at $11.9O. The produc-
ton for the year HIS been only 10,
600 pounds less than in 1885, and
larger than in any other year,
while the consumption appears to
have increased 26 per cent for the year.
Coal carriers are all embarrassed by lack of
rolling stock, the output for the year hay
ing been the largest on record. The sta
tistics of failures for the year 1885 show a
slight falling off compared with 1885. The
number in the United States is 9, 1874,
against TO- 637 in 1885. decrease of sos.
The liabilities are STA. 600, 900 against
1924, 600. 900 in 1885. Failures seem re-
Gently to have been unusually numerous, and
the figures for the last quarter of 1886
show 2, 746 against 2.460 in the last quar-
ter of 1885. The liabilities were res
pectively S37, 900, 900 and S25 900, 900. The
business failures throughout Canada indi-
cate that for the year 1856, the number is
1852, with liabilities of $40, $50, coo,
against 1.256 failures in 1885. with liabili-
ties of IS, SCI, 900. The average liabilities
of each failure in 1856 is IS. 295, as against
an average of 81, $50 in 1885.